Budget 2023: No income tax up to ₹7 lakh, revised tax slabs for new regime

Feb 01, 2023

There will be no income tax up to ₹7 lakh in the new tax regime, announced Union finance minister Nirmala Sitharaman in the Union Budget 2023 on Wednesday.

"The government proposes to increase income tax rebate limit from ₹5 lakh to ₹7 lakh in the new tax regime," said Sitharaman.

Here are the new slab rates:

0-3 lakh - nil

3- 6 lakh - 5%

6- 9 lakh- 10%

9-12 - 15%

12-15 - 20%

above 15 lakh - 30%